Key Points:
- Ethereum drops to $2,368 after weak U.S. job numbers.
- $45M in Ethereum sold by hackers and Ethereum Foundation.
- ETH needs to break key levels or face further declines.
Ethereum’s price is under pressure. It’s now at $2,368 after the U.S. jobs report came out. The report showed only 89,000 new jobs in August. This was 25,000 fewer than expected. Investors hoped this might lead to an interest rate cut. But it didn’t help Ethereum recover. They are now watching the Federal Reserve’s decision on September 18. However, with Bitcoin also struggling, Ethereum could drop further.
$45 Million Ethereum Selloff Raises Worries
Another problem for Ethereum is a big $45 million selloff. Hackers moved 17,800 ETH to Tornado Cash. This service is used to mix and sell stolen funds. This move has made people fear more selling in the market.
The Ethereum Foundation also moved 1,000 ETH, worth $2.3 million, to a wallet. This wallet usually converts ETH to DAI, a stablecoin. In the past, such moves have led to price drops. Investors worry this might happen again.
Can Ethereum Recover?
Ethereum is facing resistance at $2,548 and $2,582. These levels are important. They align with the yearly Volume Weighted Average Price (VWAP) and a key support line. If Ethereum can’t break through, the price might fall more.
Technical indicators show the bearish trend is slowing down. But the bulls haven’t taken control yet. If Ethereum drops below $2,252, it might go down to $2,000. But if buying increases, especially if Bitcoin recovers, Ethereum could break through the resistance and aim for $3,000.
Looking Forward: Ethereum Faces Uncertainty
Ethereum is in a tough spot. The weak U.S. jobs report and the $45 million selloff have put pressure on the price. While there’s a chance for recovery if buying picks up, the risks are high. Investors should be cautious and watch how Ethereum handles key resistance levels in the coming days.
